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Arvest Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Arvest Bank Arvest Savings Account
0.65% APY

Overview

Arvest Bank has a large presence in four states in the Southern Midwest: Arkansas, Kansas, Missouri and Oklahoma. The bank offers a number of savings account and checking account options, as well as a money market account (MMA) and several certificates of deposit (CDs).

You'll have access to a regional network of ATMs if you open an account, and the bank's premium checking account options come with a range of perks and discounts on the bank's other offerings. Deposit accounts at the bank are also very accessible, with low minimum opening deposits across the board.

On the other hand, all but one of the checking accounts offered have unavoidable monthly fees, and while interest rates could certainly be worse, they still fall short of the most competitive rates available, especially if you’re comfortable banking online.

Read on below to explore Arvest Bank's many offerings.

Products Key Details
Savings Accounts:
  • Separate account for children under 18
  • $100 minimum opening deposit
  • Easily waivable monthly fee
Money Market Accounts:
  • $100 minimum opening deposit
  • Tiered interest rate based on balance
  • $10 monthly service fee
Certificates of Deposit:
  • Terms range from six months to two years or more
  • Rate depends of term length and balance
  • Check with your nearest branch for special offers
Checking Accounts:
  • One free account, two unwaivable monthly fees and one waivable monthly fee
  • $50 minimum opening deposit
  • Premium options with discounts attached

Arvest Bank Overview

Arvest Bank’s footprint is fairly large in its service area, with more than 250 locations across the four states in which it operates. Its network of ATMs covers a similar area, but no further, so you will have to put up with out-of-network ATM fees if you’re traveling outside of the service area.

Although this article will focus on the personal banking options, Arvest Bank also offers business banking services, wealth management services and retirement planning options. In the personal realm, the bank offers three types of savings accounts, four checking accounts and several different CDs. Read on to learn more about each of these options.

Arvest Bank Interest Rate Comparison

Arvest Bank Account Features

The majority of deposit accounts at Arvest Bank are accessible online or via the Arvest Bank mobile app. Accounts also come with a Visa debit card or ATM card, depending on the type of account.

With the exception of CDs, the Cool Blue™ Savings account and the Free Blue™ checking account, all accounts at Arvest Bank have monthly service fees. You can waive some of these fees if you meet certain balance thresholds, and but some you can't avoid. You may also face fees for excessive transactions with the savings and money market accounts.

Compare Arvest Bank to Other Competitive Offers

Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Savings Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $2 monthly service fee, which can be waived with a minimum daily balance of $100 or an average daily balance of $500
Current Terms and Rates 0.65% APY

This is the basic savings account option at Arvest Bank, and as far as savings accounts go, it’s pretty good. The $100 minimum opening deposit is reachable for just about anyone, and the $2 monthly service fee is low and very easily waivable.

The interest rate, while still not on the level of the best savings accounts out there, is above average and a cut above most brick-and-mortar banks. If you connect your savings account with a Preferred Club checking account, you could gain access to an even higher rate. Interest for this account is compounded and credited to your account quarterly.

Cool Blue™ Savings Account

Key Features Details
Minimum Deposit $50
Access to Your Savings Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, $5 withdrawal fee for each withdrawal past limit
Current Terms and Rates 0.65% APY

Designed specifically for children under the age of 18, this savings account has no monthly service fee to worry about. There’s a $50 minimum to open the account, but once it’s open, there’s no minimum required to keep the account open.

The only fee you’ll need to worry about is the $5 fee for every preauthorized withdrawal/transfer past the limit of six per statement cycle. Like the other savings account, interest is compounded and credited quarterly.

Money Market Savings Account

Key Features Details
Minimum Deposit $100
Access to Your Money Market Account Online, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $10 monthly service fee, which can be waived with a minimum daily balance of $2,500
Current Terms and Rates
  • $0 - $9,999.99: 1.06% APY
  • $10,000 - $99,999.99: 1.21% APY
  • $100,000 and above: 1.41% APY

The Money Market Savings account at Arvest allows you to earn interest at a slightly higher rate than with the traditional savings account. However, that rate increase comes with a higher monthly service fee and a much higher threshold to waive that fee.

Just like the savings account options, you’re limited to six pre-authorized withdrawals or transfers each month. Interest is compounded and credited to your account monthly.

Certificates of Deposit

Key Features Details
Minimum Deposit $1,000
Access to Your CD Account Branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee, but early withdrawal penalty may apply
Current Terms and Rates $0 - $9,999.99:
  • 6 Month: 1.71% APY
  • 12 Month: 1.76% APY
  • 24 Month: 1.86% APY
$10,000 - $49,999.99:
  • 6 Month: 1.86% APY
  • 12 Month: 1.91% APY
  • 24 Month: 2.02% APY
$50,000 - $94,999.99:
  • 6 Month: 1.91% APY
  • 12 Month: 1.96% APY
  • 24 Month: 2.07% APY
$95,000 and above:
  • 6 Month: 1.96% APY
  • 12 Month: 2.02% APY
  • 24 Month: 2.12% APY

Arvest Bank offers a variety of certificate of deposit (CD) accounts, with rates dependent on both the term length and the amount you invest. A wider variety of term lengths may be available at some branches, including some promotional options, so it’s a good idea to call or stop by your nearest branch for the most accurate information.

If you need to withdraw your money before the end of your term, you’ll be forced to pay an early withdrawal penalty. The exact amount of the penalty will depend on the amount you’re withdrawing, how far into your term you are and the original length of your term.

Free Blue™ Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees No monthly service fee

This checking account option comes without a monthly service fee, making it an attractive option for those bankers who don’t want to have to worry about balance requirements. At $50, the minimum opening balance is extremely reachable. This account also comes with a free Visa debit card, free notary services and, if you’re at least 62 years old, free checks. Finally, you’ll have overdraft protection of up to $400.

Basic Blue™ Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $3 monthly service fee

The Basic Blue™ Checking account is very similar to the free checking account at Arvest Bank with two key differences. First, you have access to online bill paying features with this account, with a $0.50 fee for each bill. Second, you have to pay a $3 monthly service fee, and you can’t waive it by meeting a balance or activity threshold. Unless online bill paying is extremely important to you, there isn’t much reason to choose this account over the Free Blue™ account.

myBlue™ Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $6 monthly service fee

This account comes with a slightly higher $6 monthly fee, but it also provides several perks that could make the fee worth it for some bankers. You’ll have access to $10,000 worth of accidental death and dismemberment (AD&D) insurance and $600 of overdraft protection. You’ll also have unlimited online bill paying ability with no fees attached, as well as your choice between online or paper statements.

Arvest Club Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $12 monthly service fee

One of the bank’s two premium options, the Arvest Club Checking account gives holders access to a range of discounts as well as increased versions of the benefits offered by other accounts. You’ll have $30,000 of AD&D coverage and $800 of overdraft protection. You’ll also get complimentary checks, notary services, stop pays and money orders. You’ll pay for these additional perks with a higher monthly fee of $12, and there’s no way to avoid paying it.

Preferred Club Checking Account

Key Features Details
Minimum Deposit $50
Access to Your Checking Account Online, mobile, ATM and branch access
Security FDIC insured up to the maximum amount allowed by law
Fees $18 monthly service fee, which can be waived by:
  • $20,000 in total deposits at the bank
  • $20,000 in personal loans
  • $25,000 in loans and deposits
  • $100,000 in mortgage loans
  • $50,000 in brokerage assets
Current Rates 0.35% APY

The most perk-laden account at Arvest Bank also comes with the highest monthly fee at $18. However, unlike the other checking account options, you are able to waive this fee if you have enough money in various accounts at the bank. 

You’ll receive $30,000 in AD&D coverage and $1,000 in overdraft protection, as well as a range of discounts and free services at the bank. Further, holding a Preferred Club account means you’ll gain access to premium interest rates with the savings and money market accounts at the bank.

Where Can I Find Arvest Bank?

Arvest Bank operates more than 250 branch locations in four different states: Arkansas, Kansas, Missouri and Oklahoma. Additionally, Arvest Bank customers have access to a wide range of ATMs across the country.

What Can You Do Online With Arvest Bank?

All accounts at Arvest Bank can be accessed online, and most can also be managed on your smartphone via the Arvest Bank app. On iTunes, the app has a 4.6 star rating and 697 reviews as of this article’s publication.

How Do I Access My Money?

You can access funds online or via the mobile app. You can also make deposits or withdrawals at any Arvest ATM. If you use an out-of-network ATM, you may face fees from both Arvest Bank and whichever third party operates the ATM. And, of course, you can visit an Arvest Bank branch to access funds.

How Can I Save More Money With Arvest Bank?

If getting the best rate is your biggest priority, then Arvest Bank might not rank highly on your list. Rates across the board aren’t bad by any means, but none of the rates offered is particularly competitive, especially when compared to online accounts. 

What’s the Process for Opening an Account With Arvest Bank?

You can apply for most accounts on the Arvest Bank website, and you can also open accounts by visiting a branch in person. To apply, you’ll need enough money to meet the minimum opening deposit requirement for your desired account as well as a driver’s license or ID card. You’ll also need to provide your Social Security number and your residential address.

What’s the Catch?

There are two major drawbacks that come with banking at Arvest Bank. First, we mentioned earlier that monthly fees for two of the checking accounts are unavoidable, so you’re spending money every month just to keep the accounts going.

Second, Arvest Bank doesn’t have any agreements with a national ATM network, so unless you’re using an Arvest ATM, you’ll have to face ATM fees.

Bottom Line

If you live in one of the four states in which Arvest Bank operates and you’re looking to utilize a wide variety of services at the bank, then Arvest could be a good option to consider, as the bank rewards you for linking multiple accounts together. If, however, you’re looking to get the best rates possible or you’re just looking for a stand-alone account, you will likely be better served to look elsewhere.

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